Benefits Of Incentive Pay For Employees Video
HR Basics: Employee Benefits Benefits Of Incentive Pay For Employees:max_bytes(150000):strip_icc()/types-of-employee-benefits-and-perks-2060433-Final-65c1c14d22de4e10b4f4ea85af6bd187.png "[BKEYWORD-0-3]")
Many of these changes are temporary and set to expire inbut others are permanent. A review of the most common self-employed taxes and deductions is necessary to help inform you of necessary changes to your estimated tax payments. This includes freelancers, independent contractors, and small-business owners.
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The self-employment tax rate is Employers and employees share the self-employment tax. Each pays 7. People that are fully self-employed pay the total themselves.
An additional 0. The threshold figures are:. The income thresholds for additional Medicare tax apply not just to self-employment income, but to your combined wages, compensation, and self-employment income. Paying extra taxes to be your own boss is no fun.
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It is important to note that self-employment tax refers to the Social Security and Medicare taxes, similar to FICA paid by an employer. When a taxpayer takes a deduction of one-half of the self-employment tax, it is only a deduction for the calculation of that taxpayer's income tax.
It does not reduce the net earnings from self-employment or reduce the self-employment tax itself. Remember, you're paying the first 7. You are basically on the honor system, but you should be prepared to defend your deduction in the event of an IRS audit.
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One way to do this is to prepare a diagram of your workspace, with accurate measurements, in case you are required to submit this information to substantiate your deduction, which uses the square footage of your workspace in its calculation. Some of these deductions, such as mortgage interest and home depreciation, apply only to those who own rather than rent their home office space. The standard method requires you to calculate your actual home office expenses and keep detailed records, in the event of an audit. The simplified option lets you multiply an IRS-determined rate by your home office square footage.]
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